Banking is a massive, complex industry with many facets -- retail banks, credit card lenders, managed investing, risk management -- all of whom approach fraud detection and prevention differently. Credit card fraud makes up around 40% of the total problem. According to Consumer Sentinel Network, U.S. Department of Justice, the total amount of credit card fraud worldwide is $5.55 billion and on the rise.

The sheer volume of loss attributed to fraud is pressuring financial services companies to devise solutions to prevent and identify fraud, while continuing to provide a positive and customized experience for an increasingly sophisticated customer.

In order to achieve a more accurate and less intrusive fraud detection system, banks and financial service institutions are increasingly investing to perfect the algorithms and data analytics technology used to spot and combat fraud. This technology uses large volumes of data being generated at a high velocity to increase confidence and accuracy in fraud detection.

Increasing Accuracy in Fraud Detection

As a highly customer-centric industry, banks and financial service providers need to make sure they are attacking fraud strategically and not disrupting their customers’ banking experience. The key to accurate and non-disruptive fraud detection is to implement emerging technology that allows banks to gain a holistic view of cus...

Three 17-year-old boys and a 16-year-old girl were arrested and interviewed last month for knowingly communicating a private activity.

No charges have yet been laid and the teens have been released.

As a result of the investigation, police have uncovered two more incidents involving explicit photograph sharing involving 14-year-olds.

Police expect to make more arrests in those cases.

Detective Senior Constable Steve Oakley says one of the girls involved was shocked her image resurfaced a year after it was taken.

"I don't think there was that foresight as to where the image could end up," he said.

"They're also using applications where you can send a file or an image between two parties and they were under the impression the image would disappear after a certain amount of time, which isn't the case."

He says young people who text their image or sexual references do not consider the longer-term consequences ...